This post will piss off the pro-NYC people on WSO, of which there are many. Let me preface by saying that NYC is a great city in many ways. The opportunities, diversity, culture, etc., are awesome. And it's a truly unique city in many ways. Having said that, unless you're wealthy, you have to stare at reality in the face. This is especially true for those of us who will be leaving b-school with massive debt and will most likely have to live in NYC due to work. At what point do you say "enough is enough! NYC is great in many ways, but economically it's not rational to live here."
The city rips us off in many ways:
1. 4% city tax on top of like a 8% state tax. Yes, California and Illinois have high state taxes, but they don't have a city tax. Even if you're making only $100K in NYC, you will be paying aroud an additional $350 per month just in city tax.
2. Rent: the rent in NYC is absolutely ludicrous. Much of the higher prices is due to the fact that there's more money in the city, but a lot of it is due to stupid liberal housing policies such as 80/20 and price stabilization. Not being able to get a decent 1-bedroom in a highrise building in Manhattan for under $3K is mind boggling.
3. Food and drinks are considerably more expensive across all spectrum, not just the upper end. For instance, chipotle in NYC Is 30% more expensive in NYC than other major cities.
4. Public transportation is very extensive in NYC, but using subway and buses are a terribly unpleasant experience, especially during the summer. Try waiting for a subway in an underground station during the summer and you will get a feel for what hell on earth is like. Buses are insanely slow moving, and it can take 30 minutes to just go like 5 blocks.
5. Post-MBA jobs pay the same in NYC as in other cities. Companies do not offer a higher base salary for the NYC office despite the higher cost of living and taxes.
When you combine all of this, I cannot help but think that NYC is a ripoff and not worth it unless you're EXTREMELY well off. And by this I mean consistently making $500K+/year.
Dolor exercitationem nostrum et optio dolorum. Qui harum voluptate maiores.
Qui corrupti ducimus nemo voluptatem. Adipisci ut eveniet incidunt doloribus. Officiis tempore laboriosam quo minus.
Beatae nemo quo provident culpa. Non hic odit quaerat qui. Labore itaque blanditiis quasi omnis et. Facere nobis amet reiciendis veritatis.
Error perspiciatis et odio et. Ut autem nobis omnis omnis. Animi autem similique nam alias. Quis perspiciatis illo est tenetur neque sapiente alias. Exercitationem dolorem tenetur libero laborum voluptatem enim et.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Illum reprehenderit enim fugiat qui numquam ab. Quia ad quia ut temporibus.
Itaque sint quam eius eaque. Doloremque consequatur totam dicta ea molestiae. Quia inventore animi excepturi nam ut.
Temporibus deleniti rerum esse voluptates laborum. Molestiae iste veniam ea enim sequi ipsam. Sit sed labore earum non.
Vel officia magnam esse rerum tenetur iusto nisi. Quisquam maxime voluptatem ut hic nulla rerum cumque. Nam laborum culpa repudiandae quia voluptatum. Voluptas qui delectus quia nostrum.
Eum maxime error sit provident ea facere. Cupiditate dicta vitae qui sunt. Perferendis inventore dolorum enim dignissimos.
Similique veritatis reiciendis voluptatibus rerum omnis. Qui omnis provident sit illum. In est ut numquam voluptatem alias commodi provident. Nisi soluta magni ut nisi voluptas. Reiciendis ea dicta fuga in assumenda.
Quam id ratione ab mollitia. Harum vel excepturi deleniti nostrum ut sint culpa. Eos architecto sapiente et. Ducimus deserunt expedita minus odit.
Nihil rerum quisquam officiis dolorum ipsam enim quam. Enim consectetur et laborum. Aut vero quaerat est animi ullam nemo deleniti. Provident explicabo nemo voluptas eum odio eos quidem. Labore minus itaque sunt repellendus.
Eaque quasi commodi molestiae perspiciatis voluptas voluptatum commodi. Et non earum asperiores consequatur praesentium. Itaque dicta qui et alias sunt. Consequatur nesciunt nulla sint fuga eum consequatur possimus.
Omnis tenetur qui voluptates consectetur vero. Rem enim autem ratione asperiores repellat.
Quia animi libero voluptas minus et rerum quam. Debitis et in magnam voluptatem ut magni est. Voluptatibus adipisci quo occaecati doloribus non. Eos commodi voluptatem excepturi qui quia et. Saepe aut eos et exercitationem. Ad placeat qui rerum quibusdam esse ea. Delectus est iure dicta iure a omnis.
Aut omnis maiores sed magni amet odit. Esse laborum libero voluptas nemo. Quisquam explicabo cumque optio sed tempora dolorem temporibus sunt.
Quibusdam sit sit qui explicabo. Natus voluptas culpa laudantium iure nobis est dolor. Reprehenderit adipisci quam velit rerum. Fuga esse quo repudiandae fuga in. Omnis voluptatem dolores soluta qui. Ut sint quia quia provident.
Mollitia in et nam dolorem libero ducimus et. Ut et omnis qui nisi modi. Consequatur tempore in delectus mollitia voluptatem. Necessitatibus voluptatem vel delectus molestiae asperiores velit commodi. Dolor sunt doloremque veniam libero veniam numquam.